BTC/USD touched an intraday high of $64,500 on Coinbase on Tuesday
Bitcoin rose as high as $64,500 on Tuesday, with the cryptocurrency's value inching the closest yet to its record of $64,805 reached in April.
Crypto analyst Rekt Capital says Bitcoin's surge above $64,000 saw the BTC/USD pair break the final resistance line before potentially entering price discovery. If it does, Bitcoin could extend gains towards $70,000 in the short term.
As of writing, Bitcoin is trading near $63,956 with a new daily candle close higher than Tuesday's $64,303 likely to see bulls push higher.
BTC price benefits from ETF news
BTC is seeing increased buy-side pressure a day after the ProShares Bitcoin Futures ETF debuted on the New York Stock Exchange under the ticker symbol BITO.
Data showed that the ProShares Bitcoin Strategy ETF attracted nearly $1 billion in daily trading volume on the first day. According to TradingView, BITO opened at $40.88, saw 20.406 million shares of BITO traded on the day, and achieved a daily close of $41.94.
The positive sentiment also follows an announcement from leading crypto asset manager Grayscale regarding its plans to convert its Bitcoin Trust to a BTC spot ETF.
According to Digital Currency Group CEO Barry Silbert, Grayscale and NYSE have "formally kicked off the process”.
After retreating below the critical $64,000 level during early morning trades, the world's largest crypto with a $1.2 trillion market cap has jumped above the resistance level and is looking likely to smash the all-time high price.